A new denomination of QR200 will join the new currency regime as the Qatar Central Bank (QCB) introduces the fifth series through which new notes worth up to QR20bn will be put into circulation by the end of January 2021.
The new notes will come into the market in phases, beginning from December 18, which coincides with the Qatar National Day. Importantly, the QR500 note will have a “unique” enhanced security feature, which is being introduced for the first time in the Middle East.
The new issue contains seven categories of banknotes, QR1, QR5, QR10, QR50, QR100, QR200, and QR500. The introduction of QR200 “aims to bridge the gap between the QR100 and QR500”, executive director of the Public Debt, Banking Affairs and Issuance at QCB Mohamed Jassim al-Kuwari, told reporters yesterday.
It has been decided to withdraw banknotes from the fourth series within a period of 90 days from the date of the new offering of the fifth issue. The currency notes of the fourth issue will cease to become legal tender from March 19, 2021.
The public can change the old currencies with the commercial banks for three months from the issue of fifth series, after which they will have to approach QCB for changing the old currencies within 10 years.
The first stage of the new issuance includes putting into circulation QR8bn into banks, increasing it to QR16bn before the end of December, to reach QR20bn by the end of January 2021.
The front design of the currencies shares a common theme based on traditional geometric patterns, the national flag, Qatari flora and an ornate gate representing Qatari architecture.
The back design of the currencies incorporates themes reflecting Qatari tradition, Islamic history, culture, flora and fauna, and development of education, sport and the economy.
Outlining the features of the new currencies, he said the security and technical characteristics of each category according to their respective value, start from 38 specifications up to 64.
Qatar is one of the first countries to develop these technical specifications, numbering as many as 64 international specifications, he said.
Particularly on the QR500 notes, he said “it is also the first in the Middle East in terms of the holographic security threads.”
In conjunction with the fifth issue, a new system had been put in place to track banknotes.
This system is based on a database linked to trading and with banks, he said, indicating that it is a special database for the QCB that would facilitate the process of tracking banknotes with their serial numbers, as well as helping to know their validity and spoilage cycle, and their continuity in the markets and making future statistics for printing new ones.
The fifth issue will be circulated first through ATMs, starting from December 18, he said, affirming that the QCB has taken all necessary measures with regard to security marks and high-tech specifications, in addition to including, for the first time, the flag of Qatar and the date of issuance of the banknote.
Source : Gulf Times